Empirical Study On Corporate Environmental Responsibility And Enterprise Value

As we all know, 2016 is the first year of the 13 th Five-Year Plan for Economic and Social Development of the People's Republic of China, and our government clearly puts forward to finishing building a moderately prosperous society in all respects and building beautiful China which has blue sky, green ground and clear water. However, in reality we are facing serious haze, water pollution and some other environmental problems. Eco-environmental issue has been a big shortcoming of building the moderately prosperous society. The company is an important source of environmental pollution, so we should pay more attention to deal with pollution problems from companies. But many companies put stress on pursuing economic benefit, they believe that environmental management would increase operating cost and reduce enterprise value finally. This research would help companies realize that shouldering corporate environmental responsibility(CER) is beneficial to improving enterprise value and achieving firm's sustainable development.This paper uses both theoretical and empirical research. On the basis of li terature review and theoretical analysis, we choose data during 2012 to 2014 o f 114 A-share companies which are listed in Shanghai and Shenzhen stock exc hanges, then we raise four hypotheses and establish three regression models, f inally we test the relationship between CER and enterprise value.The research results are described as follows: Firstly, CER and enterprise value have positive correlation. Secondly, CER has a lagging impact on enterp rise value as well. Thirdly, we find that state-owned enterprises are better tha n private enterprises in shouldering CER, and they have greater impact on ent erprise value. Fourthly, The heavy-polluting enterprises are better than the oth er enterprises in shouldering CER, but they have a little lower impact on enter prise value.